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On January 14, 1925, Winston Churchill, then Chancellor of the Exchequer in the Baldwin government, was in Paris and signed the agreement that had been reached after the week-long Allied Finance Conference. The representatives of the 13 Allied countries, including the United States, had met to resolve the contentious issue of the distribution of the annuities that were to be paid under the Dawes Plan which had come into effect in September 1924. The Dawes Plan set the scale of the German reparations payments although making them conditional on the stability of the German currency. In the French capital, Churchill had negotiated a compromise with the American representative, James A. Logan, that somewhat scaled down the United States claims. The Churchill-Logan agreement was accepted by the other conference participants. In his speech at the signing ceremony, Churchill devoted most of his remarks to the great significance of the United States participating with the Allies in resolving Europe’s greatest problems. He remarked that after six years of “misunderstanding and divergences” the Allies and United States working together in the Dawes Plan was “a cause of very real and justifiable satisfaction.” It should “constitute a definite stage in the march away from the confusion which followed the great victory and toward that general consolidation and reconstitution not only of Allied but of European affairs which must ever be our goal.”

That night Churchill left Paris by train and returned to London arriving at Victoria station where a large crowd of supporters was on hand to welcome him. Both the agreement reached in Paris and Churchill’s performance at the conference were largely approved of by the British newspapers.